TrustCo Announces the Addition of Kimberly Adams Russell and Frank B. Silverman to the Board of Directors

Rhea-AI Summary

TrustCo Bank Corp NY, trading under the symbol TRST, appointed two new members to its Board of Directors effective August 18, 2020. Kimberly Adams Russell, President and COO of Frank Adams Jewelers, will serve on multiple committees including Audit and Risk. Frank B. Silverman, managing member of Vision Development and Management, brings expertise in real estate development and will enhance the Board’s geographical diversity. The company manages $5.7 billion in assets and operates 148 offices across several states.

Positive

• Appointment of Kimberly Adams Russell adds retail sector expertise.
• Frank B. Silverman enhances Board's knowledge in real estate development.

Negative

• Possible concerns about continuity and experience gaps due to new appointments.

GLENVILLE, N.Y., Aug. 21, 2020 (GLOBE NEWSWIRE) -- TrustCo Bank Corp NY (the “Company”) (Nasdaq: TRST) announced that Kimberly Adams Russell and Frank B. Silverman were elected to the Board of Directors of the Company and its subsidiary, Trustco Bank, in each case effective August 18, 2020. 

Ms. Russell is the President and COO of Frank Adams Jewelers in Albany, New York.  She was appointed to the Audit, Board Compliance, Compensation, Fiduciary, Nominating and Corporate Governance, and Risk Committees of the Board of Directors of the Company.

Mr. Silverman is the managing member of Vision Development and Management, which is based in the Orlando, Florida area, where Trustco Bank has a significant presence.  He was appointed to the Board Compliance, Fiduciary, and Risk Committees of the Board of Directors of the Company.

Making the announcement were Chairman, President, and Chief Executive Officer Robert J. McCormick and Lead Independent Director Dennis DeGennaro.  Mr. McCormick said, “Kimberly will be an excellent addition to our Board due to her valuable experience and background in the retail sector.  Frank has substantial roots in the Orlando real estate market and central Florida community, and will add depth and geographic diversity to the Board’s existing expertise in real estate development and Trustco Bank’s core business of residential mortgage lending.” 

TrustCo Bank Corp NY is a $5.7 billion savings and loan holding company and through its subsidiary, Trustco Bank, operated 148 offices in New York, New Jersey, Vermont, Massachusetts, and Florida at June 30, 2020.

In addition, the Bank’s Financial Services Department offers a full range of investment services, retirement planning and trust and estate administration services.  The common shares of the Company are traded on the NASDAQ Global Select Market under the symbol TRST.

Contact:

Robert M. Leonard
Executive Vice President and CRO
(518) 381-3693

FAQ

What recent changes occurred in TrustCo Bank Corp NY's Board of Directors?

TrustCo Bank Corp NY elected Kimberly Adams Russell and Frank B. Silverman to its Board of Directors effective August 18, 2020.

What experience do the new Board members of TrustCo Bank Corp NY have?

Kimberly Adams Russell has a background in retail as the President and COO of Frank Adams Jewelers, while Frank B. Silverman has significant experience in real estate development.

How might the new appointments impact TrustCo Bank Corp NY?

The appointments are expected to add depth in retail and geographic diversity in real estate expertise to the Board.

What committees will the new Board members of TrustCo Bank Corp NY serve on?

Kimberly Adams Russell will serve on Audit and Risk Committees, while Frank B. Silverman will be part of the Board Compliance and Risk Committees.